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British billionaire, Manchester native Jim Ratcliffe takes over the management of the Manchester United football club (Manchester United), the BBC reports.

He agreed to purchase a 25% stake in the club from the American Glazer family for 1.25 billion pounds sterling ($1.3 billion). Jim Ratcliffe's chemical company Ineos Group will take control of the sporting activities of one of the richest, most titled and popular clubs.

The billionaire will also invest $300 million in the club's Old Trafford stadium.

“Our common goal is clear: we want to see Manchester United where it belongs, at the top of English, European and world football,” the businessman, a lifelong Manchester United fan said.

The Glazer family bought the club in 2005 for around $1.35bn (£790m). More than a year ago they announced they were looking for a buyer for the club's shares.

Among the contenders was the Qatari banker, Sheikh Yasim bin Hammad al-Thani, who was ready to buy the entire club for five billion.

In the current season of the English Premier League, Manchester United is in 8th place, behind Arsenal by 12 points. In the Champions League, the club finished last in the group.

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Photo: isport.ua